LOAN OVERVIEW

Borrower: Reid House Assisted Living Center
Loan Amount: $800,000
Location: Wellford, SC
Project Type: Community Facility

SITUATION

Omar Daniels is the owner of Reid House Assisted Living Center located in Wellford, South Carolina and is the leader in serving low income seniors in Spartanburg County. A few years ago, the business started experiencing some setbacks when state reimbursements for Medicaid came in much slower than anticipated. Omar needed relief from the instability caused by Medicaid reimbursements in order to continue serving seniors and realize Reid House’s goal of expanding into home health care.

SOLUTION

South Carolina Community Loan Fund saw an opportunity to help a minority-owned, third-generation family operated business continue to support low income seniors by refinancing Reid House’s high interest debt. By refinancing high-interest debt, Reid House could focus on making upgrades and expanding its services. SCCLF presented the project to the South Carolina Office of Rural Health and together both organizations approved Reid House for a $1,000,000,000 loan, with SCCLF contributing $800,000 and SCORH $200,000.

IMPACT

Reid House will create 10 new jobs for the local community and expand its services to continue serving low income seniors. This loan will allow a minority owned family business to continue to serve their residents, and even expand their services to meet their community’s need for home health care services. “We believe in providing affordable living for all people,” said Omar Daniels, Reid House’s owner. “We don’t believe in evicting someone just because they can’t make the payment for that month. We work with them. Our motto is we treat everyone that comes to us like they are our own family.”

Learn more about SCCLF’s community facility lending program here